If the Singapore government eases up on property cooling measures that were implemented at the height of the property market in 2012 and 2013, that could give borrowing a boost. However, BMI does not expect the government to loosen policy.

"It remains our assertion that the Singaporean government is comfortable with the pace of the property market's correction so far, and prefers to see affordability improve further before it begins to ease up on its wide-ranging macro-prudential measures aimed at keeping a lid on prices," BMI wrote.